Money & Banking

KVGB plans to extend instant loans to farmers

A J Vinayak Mangaluru | Updated on January 23, 2018 Published on August 11, 2015

The Dharwad-headquartered Karnataka Vikas Grameen Bank (KVGB) will extend instant loans up to ₹1 lakh to farmers, according to its Chairman, Ashok Reddy.

Addressing the branch managers of Dharwad region of the bank in Dharwad on Tuesday, he said the bank planned to offer easy loans for farm or non-farm activities to farmers. This includes the amount for repaying debts of moneylenders.

He appealed to the farming community to approach any branch of the bank for instant loans up to ₹1 lakh or to dial the toll-free number 18004251666 for any help or clarification.

A press release by the bank said that still farmers were approaching private moneylenders for loans for various reasons. The interest rates charged by moneylenders range from 25 to 30 per cent.

In its ‘gram sabhas’, the bank has started convincing farmers not to approach moneylenders. It is also motivating the family members of farmers to take up income generating activities on a small scale through the bank’s ‘Vikas Janashakti’ loan scheme.

Under the scheme, farmers can take up income generating activities such as retail trade, small business, and allied farm activities such as small dairy, poultry, and sheep- and goat-rearing units, he said.

Published on August 11, 2015
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